Pinnacle West Capital (NYSE:PNW) Earns Neutral Rating from Analysts at Citigroup

Citigroup began coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research report report published on Monday, MarketBeat.com reports. The brokerage issued a neutral rating and a $78.00 price objective on the utilities provider’s stock.

A number of other brokerages also recently commented on PNW. Wells Fargo & Company lowered their price objective on shares of Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a research report on Friday, January 26th. Evercore ISI cut their price objective on Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating for the company in a report on Monday, March 4th. UBS Group raised Pinnacle West Capital from a sell rating to a neutral rating and lifted their price objective for the company from $68.00 to $71.00 in a research report on Monday, March 11th. Guggenheim raised Pinnacle West Capital from a neutral rating to a buy rating and set a $78.00 target price on the stock in a research report on Monday, January 22nd. Finally, Mizuho reduced their price target on Pinnacle West Capital from $77.00 to $75.00 and set a buy rating for the company in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $73.42.

Pinnacle West Capital Stock Up 1.8 %

Shares of Pinnacle West Capital stock opened at $74.95 on Monday. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03. The company has a market cap of $8.51 billion, a P/E ratio of 17.00, a P/E/G ratio of 2.11 and a beta of 0.49. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The stock has a 50-day moving average price of $72.21 and a 200 day moving average price of $72.11.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 79.82%.

Institutional Trading of Pinnacle West Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. abrdn plc grew its stake in shares of Pinnacle West Capital by 120.0% in the 4th quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock valued at $4,191,000 after purchasing an additional 31,821 shares during the period. Comerica Bank acquired a new position in Pinnacle West Capital during the third quarter worth $4,620,000. Duality Advisers LP bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at $1,422,000. Pacer Advisors Inc. boosted its stake in shares of Pinnacle West Capital by 604.2% in the 4th quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after purchasing an additional 43,441 shares in the last quarter. Finally, Financial Counselors Inc. grew its holdings in shares of Pinnacle West Capital by 37.5% in the 4th quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock worth $12,397,000 after purchasing an additional 47,035 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.